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~ty of <br /> <br />iver <br /> <br />ITEM 6. <br /> <br />MEMORANDUM <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Mayor & City Council <br /> <br />Lori Johnson, Asst. City Administrator/ <br />Finance Director <br /> <br />November 25, 1996 <br /> <br />1996 Equipment Certificates <br /> <br />The 1996 budget included equipment certificate expenditures in the amount <br />of $107,950. The 1996 tax levy resolution included a levy of $30,000 for the <br />1996 equipment certificate. Instead of applying the $30,000 to debt <br />payments on the equipment certificate, the amount was used to pay for a <br />portion of the purchases made in 1996. Therefore, the equipment certificate <br />can be issued in the reduced amount of $81,000. <br /> <br />Attached is a Resolution Awarding the Sale of the City's $81,000 General <br />Obligation Equipment Certificate of 1996 Fixing its Form and Specifications, <br />Directing its Execution and Delivery, and Providing for its Payment. The <br />Bank of Elk River has offered to purchase the certificate in an interest rate of <br />5 percent. Attached are a copy of the resolution and the equipment <br />certificate budget page for your information. <br /> <br />Action Requested <br /> <br />The City Council is asked to approve the attached resolution awarding the <br />sale of the city's $81,000 general obligation equipment certificate of 1996. <br /> <br />councilX96eqptct.doc <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />